NZD/CAD Up 1 Pips in Last Hour, Entered Today Down For the 2nd Day In A Row; Price Base in Formation Over Past 30 Days

Hourly Update

(Last Updated August 4, 2022 1:44 GMT)

At the moment, NZDCAD’s rate is up 1 pips (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as NZDCAD has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on NZDCAD. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a choppiness in price, as the are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

NZDCAD End of Day Recap

Updated 00:30 GMT (04:30 EST)

NZDCAD is down 8 pips (0.1%) since the previous day (opening today near 0.8049426), marking the 2nd day in a row a decrease has occurred. Out of the 39 instruments in the Forex asset class, NZDCAD ended up ranking 26th for the day in terms of price change. Here is a price chart of NZDCAD.

NZDCAD

NZDCAD Technical Analysis

The first thing we should note is that NZDCAD is now close to its 20 and 50 day averages, located at 0.8028 and 0.8093 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to simplify this another way, note that out of the past 30 days NZDCAD’s price has gone down 18 them. Oh, and one last thing: if you trade off of candlesticks, note that we’re seeing pin bar pattern appearing here.